Posted on: 06th Mar, 2009 03:05 pm
My father-in-law passed away and left 4 houses. The will names my husband's sister 50%, my husband 25% and each of my husband's sister's children 12.5%. All of their names are on each of the houses with their share of interest in it. We would like to separate them. Collectively there is about $40,000 in equity in the homes. Could we give each of the minors 1/8 of $40,000 and have a quitclaim deed to remove their names from the houses? If so, must this be done by an attorney? The parents of the children are no longer married, and we are wondering if the girls' father can represent them since he would have no interest in the agreement or must it be done by an attorney? Thank you.
Hi Mandy,
You can offer the girls 1/8 of $40,000 and have a quitclaim deed signed by them removing them from the deed, provided they are willing to give up their share. As the girls are minors, they need to be represented by their parents by either their mother or their father. Consulting an attorney will be well worth its while as it can help you avoid any disputes in future.
You can offer the girls 1/8 of $40,000 and have a quitclaim deed signed by them removing them from the deed, provided they are willing to give up their share. As the girls are minors, they need to be represented by their parents by either their mother or their father. Consulting an attorney will be well worth its while as it can help you avoid any disputes in future.